ONTARIO >> The final settlement agreement for Ontario Airport lays out the terms of the deal that will clinch local control and sets up a protection plan for the 214 employees at the facility.

Ontario can now begin the process of applying for a certificate of operation from the Federal Aviation Administration. The process is expected to be completed July 1.

Since the Aug. 6 tentative agreement was announced, Ontario and Los Angeles had been in negotiations to finalize the language in the terms of the accord, which would wrest control of the airport from L.A. to the Ontario International Airport Authority.

The negotiating parties — the Ontario City Council, Ontario International Airport Authority and Los Angeles World Airports’ board of airport commissioners — gave their final reviews late last month.

The agreement was executed Dec. 22 but is retroactively effective as of July 30, 2015, according to the 44-page legal document released Monday.

Once the FAA has approved the transfer, the title and surrounding property of ONT will go to the authority.

“Los Angeles shall transfer, assign and deliver to the OIAA, on an ‘as-is’ condition at the time of the transfer, its right, title and interest in and to all of the assets, properties, rights and interests … of the airport,” according to the settlement agreement.

During the transition period, which is from July 30, 2015, until the airport is transferred, LAWA will continue to operate ONT.

The settlement agreement outlines the framework for the LAWA employees’ protection and transition plan. In it, the OIAA will enter into a staffing agreement to retain existing employees after the transfer date for a 21-month period.

As previously discussed, Ontario will pay $30 million from its reserves at the time of the transfer — two $15 million lump sums during the escrow process — and make additional payments of $50 million over five years and another $70 million in the final five years, according to the agreement.

LAWA will transfer $40 million from Ontario airport’s unrestricted cash accounts to Los Angeles International Airport.

The settlement agreement would also rescind or terminate the 1967 agreement that gave control of the airport to Los Angeles, and the 1985 agreement transferring control of ONT to Los Angeles.

In June 2013, Ontario filed a lawsuit against Los Angeles seeking damages on three claims: breach of fiduciary duty; breach of contract; and breach of covenant of good faith and fair dealing. Under the terms of the settlement agreement, Ontario will seek to dismiss the litigation five days after the airport has been transferred.